Updates...Aug 22, 2008

Not been able to update blog regularly this week due to some constraints. Wanted to leave a quick note here a lot of people were asking where market is headed. Market is not looking good as of now. Gold and crude are rising back up again. If 4150 does not hold in market, we may retest this year lows or even make one more low.....I will try to post a more detailed view next week. I hope you all enjoyed shorting from 4600 levels. We are now almost at my said target of 4200. Cover shorts once and then wait for direction to initiate trade again.

Market update...Aug 14, 2008

Wedge got broken yesterday. Unable to post a chart here. Now 4500 is key level on downside. Yesterday mkt managed to stay above it. Once breaks slide will be faster. Before that a move above 4600 is also possible.

Will wedge be broken today? Aug 13, 2008

NIFTY yesterday took support at the lower trendline of the rising wedge. Today, there is a possibility that we may break down from the wedge which gives us a first target around 4400. Hold shorts...n ride the trend...

Market update Aug 12, 2008

No major change from yesterday's views. We are still within the rising wedge. Use highs to short NIFTY (positional). Best place to short will be around 4700. (will we get there???)

Rising wedge on charts...Aug 11, 2008

NIFTY is forming a rising wedge (bearish pattern) on hourly charts with a likely target of around 4200. We may open gap up today. Resistance will come at 4600 - 4630 levels . It will be interesting to see if market touches 4700 levels or perhaps even 4800 in the coming days before a good fall. For now, be cautious on all upmoves and keep a close eye on the wedge. The moment the wedge is broken, expect good correction.

Fall before the rise..aug 08, 2008

There is not much change in view since last post. Market still looks good for around 4800. But before that what we are witnessing is a small pullback rally. I have marked the 0.382 retracement on charts. As long as this is held use these dips to build positional longs and would recommend short on rise for intraday today till around 4440 levels.

Adlabs (CMP 550) as posted previously has given a nice breakout now and is looking at 580 to 600 levels in this rally.

Nice breakout on charts...Aug 06, 2008

We had a superb breakout yesterday. All of a sudden there is good news everywhere. We have very good global cues, crude is also cooling off. Technically, we broke out from the longterm down trendline. The next major resistance is the 200 DMA near 4800. Whether we will break this is something too early to predict. For now, ride with the trend, stay long and target 200 DMA. For people without charts and moving average information, I found this site, which gives moving average information for various stocks an indices.

http://stockmarketmessages.com/dma/dmaindex.htm

Stock Picks
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Bank of India (BOI)- CMP-307.75 Stock has nicely broken down yesterday and closed high. We can see good upside of upto 330+ in the coming days. This is a positional long.

Adlabs - CMP 537.5. BUY above 539. Target 553, 582